CMR Fuel Cells Floats in London, Raises 10 Mln Stg
Date: 23-Dec-05
Country: UK
The Cambridge-based firm told Reuters earlier this year that it had made a breakthrough with a new fuel cell design a tenth of the size of existing models and small enough to replace conventional batteries in laptop computers.
CMR Fuel Cells said the listing had helped it raise 10.3 million pounds ($18.1 million) before expenses after placing 5.85 million shares at 176 pence each and giving it a market value of more than 36 million pounds.
Fuel cells have for years been touted as the next big green power source. They produce electricity via a chemical reaction and emit only tiny amounts of carbon dioxide (CO2) - the main greenhouse gas blamed by many scientists for global warming.
But high costs and doubts about widespread availability of fuel - usually hydrogen - have held back the technology's transition to the mainstream despite years of research by energy firms and the automotive industry.
CMR is backed by venture capitalists including Conduit Ventures, a specialist fund backed by Shell Hydrogen, Johnson Matthey, Mitsubishi, Danfoss and Solvay.
CMR is a spin out from technology investment group Generics Group AG which expects to keep its 12 percent shareholding after Thursday's float.
(Additional reporting by Stuart Penson)
